\begin{table}[htbp]
\begin{center}
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\caption{Law of motion for the U.S.\label{tab:results_us}}
\begin{tabular}{l*{4}{c}}
\hline\hline
          &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}\\
          &\multicolumn{1}{c}{log($\text{M}_{i,t}$)}&\multicolumn{1}{c}{log($\text{M}_{i,t}$)}&\multicolumn{1}{c}{log($\text{M}_{i,t}$)} \\
\hline
$\Delta$ log($\text{sales}_{i,t+1}$) &   -0.163\sym{***} &    0.083       &    0.166\sym{**} \\
         &  (0.010) &  (0.085)         &  (0.083) \\
[1em]
log($\text{M}_{i,t+1}$) &    0.833\sym{***} &    1.075\sym{***}&    1.078\sym{***} \\
          &  (0.006)         &  (0.006)         &  (0.006)         \\
\hline
\(R^{2}\) &    0.729   &    0.622         &    0.551                 \\
Year FE   &      Yes         &      Yes         &      Yes         \\
Industry FEs &      Yes &       No         &      Yes                \\
Method    &      OLS &   IV-GMM         &   IV-GMM                 \\
\(N\)     &   145,700         &   145,700         &   145,700         \\
\hline\hline
\end{tabular}
\end{center}
\footnotesize{$*p < 0.10, ** p < 0.05, *** p < 0.01$; standard errors are clustered at the firm-level. The first column contains the results of an OLS regression of $\text{log(markup}_{it}$) on $\Delta$ log($\text{sales}_{i,t+1}$) and log($\text{markup}_{i,t+1}$). We also include year and industry (SIC 2-digit codes) fixed effects. The second and third columns report the results of the GMM estimator when using four lags of log($\text{sales}_{i,t}$) and log($\text{markup}_{i,t}$) as instruments. The first column report the results of the OLS specification, restricting the observations to the IV-GMM sample used in columns 2 and 3. Our dataset contains 66 industries, 67 years and 242,155 observations.}
\end{table}
